According to ratings company Standard & Poor’s, nine U.S. retailers and restaurants, including off-price apparel chain Loehmann’s Holdings Inc., drugstore operator Duane Reade Holdings Inc. and jeweler Finlay Enterprises Inc. are at significant risk of default, with junk-bond ratings of CCC, or “very weak.” A year ago, S&P had six issuers on its list, including three that eventually filed for Chapter 11 protection: Linens ‘N Things Inc., Vicorp Restaurants Inc. and Buffets Inc.
Along with Finlay, which operates Bailey Banks & Biddle jewelry stores, bankruptcy experts think regional department-store chains Bon-Ton Stores Inc. and Gottschalks Inc. and fashion-accessories retailer Claire’s Stores Inc. may be under the most stress. They base that assessment in part on the trading level of the companies’ bonds, which indicate investors think they will recover only cents on the dollar.
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